Sustainable growth in economy is realized with overall growth from all the sectors, among which growth in infrastructure sector is the main requirement for achieving growth in sectors such as manufacturing and services. And, with in infrastructure, growth in power sector is one of the most significant requirements for actual sustainable growth of a developing economy like ours.
And, it is in this context that the main goal behind India’s integrated energy policy is to reliably meet the growing demand of all the sectors including the lifeline energy needs of vulnerable household with a safe, clean and convenient energy at the affordable cost. This should be done in a technically efficient, economically viable and environmentally friendly manner utilizing different fuels and forms of energy. And, in this process, conventional and non –conventional energy sources should be utilized to ensure energy supply at all times. In other words, the goal of the energy policy is to provide energy security to all.
Since its reforms in 1991, India has witnessed impressive economic growth as well as a considerable reduction in poverty and vast improvements in the standard of living. Indian economy now comprises a dynamic private sector and a burgeoning middle class. However, it still faces a number of challenges in order to sustain further economic growth and mitigate negative impacts on its public finance, a well functioning and financially sound energy sector in the urgent need of the hour. And, this would require an accelerated transition to an energy sector based on market economy
SOME IMPORTANT PRECONDITIONS
In order to secure adequate supply of energy source, it is important to develop strategic bilateral and regional energy partnership that promote diversification of hydrocarbon supply, acquisition of foreign hydrocarbon assets and acquisition of technologies etc.
All the possible measures in terms of policies, incentives etc should be taken in order to promote internal production of oil and at the same time new areas of oil exploration outside the country should be accorded top priority.
According to an estimate, India is still under-expired at about 60-70 percent. Thus, we should explore our own national basins and incentivize our own domestic production.
In order to secure overseas oil and gas assets, PSUs should be given more autonomy.
Alternate energy sources should also be promoted.
For the sustainability and survival of human civilization, two things must be preserved and utilized judiciously, water and fuel. Thus, in this regards, massive awareness campaign should be carried out for their conservation
After a decade of unfinished liberalization of the energy sector, India is now standing at the cross roads with an urgent need for the next phase of reforms in the energy sector. Thus, in order to address various challenges related to energy sector, strong political leadership would be required and at the same time public perception should be shifted to accept that energy is not an entitlement, but a commodity. A reliable and adequate supply of modern and clean energy is the prerequisite for India’s continued economic development. Nothing would be more costly than the disruption of daily activities of the Indian citizens, who are ready to participate in another economic miracle.